Kuwait Flour Mills and Bakeries Company announced, Tuesday, that it achieved net profits of about KWD 52 million (USD 170 million) in 2022, an increase of 19%. 
The Company’s Chairman, Osama Al-Fraih, said in a press release after the Company’s Annual General Meeting (AGM) that shareholders’ equity stood at KWD 565.5 million (about USD 1.8 billion) in 2022, up from KWD 522.6 million (USD 1.7 billion), an increase of 19% over 2021. 
Al-Fraih added that the Company sales jumped to KWD 669.3 million (USD 2.2 billion) in 2022, compared to KWD 497.7 million (USD 1.6 billion) in 2021, an increase of 11%. 
He explained that in 2022,, the Company had persisted in its successful trajectory, attributing it to the management's contributions towards realizing the Company's vision and establishing its position as a leading food security firm within the food industry, even amidst the turbulence within the global market. 
He also pointed out that the Company continued to achieve profits and maintained the growth in the size of its assets.
Additionally, the CEO of the Company, Mutlaq Al-Zayed, stated in the same statement that the Company had managed to maintain its exceptional growth and success despite challenges, through adherence to its strategic principles. He also elaborated on the Company's focus on optimizing operational efficiency and enhancing asset utilization.
Al-Zayed added that the Company is working on building strategic warehouses and grain silos that enhance the storage capacity of the state and are also working on the gradual completion of the industrial system in order to maintain the continuity of production operations without interruption. 
He stressed the Company’s continued to achieve its strategic priorities by employing technical developments and innovation, while increasing its focus on gradual digital transformation, in addition to investing in developing digital platforms with the aim of supporting the company’s operations by allowing the sale of all the company’s products “online” via its platform.
He highlighted that the Company initiated the flour packing machine project at the start of this year, incorporating robotics in the handling operations, with plans to finalize the project by year-end.
Kuwait Flour Mills and Bakeries Company was founded in 1961 as a strategic governmental measure towards ensuring food security for the State of Kuwait. Subsequently, in 1988, it merged with Kuwait Bakeries Company, propelling it to become one of the most prominent food manufacturing companies in Kuwait and the broader Arabian Gulf region.